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SP-MAR16 could extend its rebound from 1894.25

Discussion in 'Current Market Sentiments' started by fx-recommends, Jan 13, 2016.

  1. fx-recommends

    fx-recommends Content Contributor

    Aug 6, 2008
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    SP-MAR16 Daily 13-01-2016 07-08-32 ص.jpg
    SP-MAR16 could barely fulfill serious need to fix its oversold stance by the rebounding from 1894.25 which could be extended yesterday to 1940 level.

    SP-Mar16 daily RSI is referring to existence now in the neutral area coming from its oversold area below 30 reading 36.238 and also its daily Stochastic Oscillator (5, 3, 3) which is more sensitive to the volatility is having now its main line in the neutral area reading 28.498 while its signal line is still lagged in the oversold region below 20 reading now 16.420.

    SP-MAR16 future rate has shrugged off last Friday Dec US labor report bullish release which led to forming only a new lower high at 1964.50, before falling again.

    SP-Mar16 has previously formed a lower high at 2074.65 on Dec. 30, after facing difficulty several times to keep a place above 2100 to be exposed to downside extension, after failing to return above its daily SMA100 forming resistance at 2016.50.

    Important levels: Daily SMA50 @ 2044.07, Daily SMA100 @ 2010.14 and Daily SMA200 @ 2050.01


    S1: 1894.25
    S2: 1882.38
    S3: 1870.63
    R1: 1964.50
    R2: 2016.50
    R3: 2074.65

    Have a good day

    Walid Salah El din
    Senior Market Analyst
    Skype : chief.economist.walid

    Tel: UK. +44 1138590277
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    prav likes this.

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